Home Highlights February 2014 Year 2014 This

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1. Case basis of accounting - Accrual of interest income - the stand of the assessee of offering interest income from Kisan Vikas Patra on cash basis cannot be held as incorrect - AT

2. Rates of interest on small savings schemes including Saving Deposits, Public Provident Fund, Kisan Vikas Patra and Sukanya Samriddhi Accounts Scheme

3. Accrual of interest income - Assessee claims that no real income accrued to the company and merely as the assessee is following mercantile system of accounting it does...

4. Accrual of interest income - Commercial decision was taken by the appellant-assessee not to charge interest from these two borrowers as the assessee wanted to ensure...

5. Dishonor of Promissory Notes - Suit for recovery of money, based on two promissory notes - rebuttal of presumption - No doubt, by proving the execution of the promissory...

6. Interest on sticky advances – accrual of income - provision of interest on doubtful debts - the interest income relatable to NPA advances did not accrue to the assessee - AT

7. Unauthorized and illegal encashing of Kisan Vikas Patras (KVPs) - Fraud / Cheating - endorsement of KVP - Presumptions as to negotiable instruments - Negligence on the...

8. Indra Vikas Patra – As IVPs assessed in the hands of company then how these IVPs can assess in the hands of assessee. - And there was nothing wrong to keep IVPs which...

9. Kisan Vikas Patras - Discontinuance of sale with effect from 30-11-2011 - Ntf. No. F.No. 1/10/2011-NS-II Dated: November 30, 2011

10. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

11. Accrual of income - Interest accrual as liable to tax - exemption u/s 10 (23BBA) - The argument that there is no such stipulation in the letter releasing the grant does...

12. Income from other sources - the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest...

13. Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

14. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

15. Interest u/s 2(28A) - Taxability and TDS u/s 195 - discounting bills of exchange and promissory note - discounting charges did not amount to interest and was not subject...